External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

AK Medical Holdings Limited / Equity Bottom-Up

<ul><li>AK Medical reported 1H24 revenue of RMB657mn, up 1.3% YoY and largely in line with our forecast, accounting for 46% of our previous full-year estimate.</li><li>Attributable net profit increased by 5.0% YoY to RMB139mn, reaching 52% of our previous full-year estimate.</li><li>Attributable net profit margin expanded 0.8ppt YoY to 21.2% thanks to effective cost management, partially offset by a decline in gross margin.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

AK Medical reported 1H24 revenue of RMB657mn, up 1.3% YoY and largely in line with our forecast, accounting for 46% of our previous full-year estimate.Attributable net profit increased by 5.0% YoY to RMB139mn, reaching 52% of our previous full-year estimate.Attributable net profit margin expanded 0.8ppt YoY to 21.2% thanks to effective cost management, partially offset by a decline in gross margin.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

AK Medical (1789 HK) - Resilient Performance in 1H24, Expecting Recovery in 2H24

<ul><li>AK Medical reported 2023 revenue of RMB1,093.9mn, up 4.0% YoY. Gross profit was RMB674.5mn, up 6.0% YoY.</li><li>Gross profit margin improved 1.2 ppts to 61.7% thanks to effective cost control and an increased proportion of overseas revenue.</li><li>Attributable net profit was RMB182.1mn, down by 11.1% YoY, and the attributable net profit margin dropped by 2.8 ppts to 16.6% in 2023 mainly due to an increase in selling expense ratio as the company expanded overseas.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

AK Medical reported 2023 revenue of RMB1,093.9mn, up 4.0% YoY. Gross profit was RMB674.5mn, up 6.0% YoY.Gross profit margin improved 1.2 ppts to 61.7% thanks to effective cost control and an increased proportion of overseas revenue.Attributable net profit was RMB182.1mn, down by 11.1% YoY, and the attributable net profit margin dropped by 2.8 ppts to 16.6% in 2023 mainly due to an increase in selling expense ratio as the company expanded overseas.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

AK Medical (1789 HK) - The Belated Recovery Will Always Come

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of October 10th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for Alibaba, SMIC, Xiaomi, Innovent Biologics, Meituan, HKEx, Ping An Insurance, CMB.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of October 10th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Alibaba, SMIC, Xiaomi, Innovent Biologics, Meituan, HKEx, Ping An Insurance, CMB.


Hong Kong Connect Flows (Oct 10th): Alibaba, SMIC, Xiaomi, Innovent Biologics, Meituan, HKEx

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of September 6th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for HSI ETF (2800 HK), HSCEI ETF (2828 HK), Li Auto (2015 HK), Tencent (700 HK). </li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of September 6th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for HSI ETF (2800 HK), HSCEI ETF (2828 HK), Li Auto (2015 HK), Tencent (700 HK). 


Hong Kong Connect Flows (Sep 6th): Inflows into ETF, Li Auto, Tencent

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of April 26th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for Bank Of China, Tencent, China Mobile, HKEx, Zto Express, Meituan, HSBC.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of April 26th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Bank Of China, Tencent, China Mobile, HKEx, Zto Express, Meituan, HSBC.


Hong Kong Connect Flows (Apr 26th): BOC, Tencent, China Mobile, HKEx, ZTO, Meituan, HSBC

China

AK Medical Holdings Limited manufactures medical devices. The Company produces and sells orthopedic implants, spinal interbody cages, artificial vertebral bodies, and other products. AK Medical Holdings markets its products throughout Hong Kong.

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AK Medical Holdings Limited (1789 HK)

AK Medical (1789 HK) - Resilient Performance in 1H24, Expecting Recovery in 2H24

AK Medical reported 1H24 revenue of RMB657mn, up 1.3% YoY and largely in line with our forecast, accounting for 46% of our previous full-year...

CMB International

AK Medical (1789 HK) - The Belated Recovery Will Always Come

AK Medical reported 2023 revenue of RMB1,093.9mn, up 4.0% YoY. Gross profit was RMB674.5mn, up 6.0% YoY. Gross profit margin improved 1.2 ppts to...

CMB International

Hong Kong Connect Flows (Oct 10th): Alibaba, SMIC, Xiaomi, Innovent Biologics, Meituan, HKEx

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Alibaba, SMIC, Xiaomi, Innovent Biologics, Meituan, HKEx,...

Ke Yan, CFA, FRM

Hong Kong Connect Flows (Sep 6th): Inflows into ETF, Li Auto, Tencent

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for HSI ETF (2800 HK), HSCEI ETF (2828 HK), Li Auto (2015...

Ke Yan, CFA, FRM

Hong Kong Connect Flows (Apr 26th): BOC, Tencent, China Mobile, HKEx, ZTO, Meituan, HSBC

We analyzed southbound Hong Kong connect flows in the past week and highlight flows for Bank Of China, Tencent, China Mobile, HKEx, Zto Express,...

Ke Yan, CFA, FRM

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